Why bronze medallists are happier than silver

A lot has to do with counterfactuals, says Scientific American:

The most obvious counterfactual thought for the silver medalist might be to focus on almost winning gold. She would focus on the difference between coming in first place, and any other outcome. The bronze medalist, however, might focus their counterfactual thoughts downward towards fourth place. She would focus on almost not winning a medal at all. The categorical difference, between being a medalist and not winning a medal, does not exist for the comparison between first and second place.

It is because of this incongruous comparison that the bronze medalist, who is objectively worse off, would be more pleased with herself, and happier with her achievement, than the silver medalist.